NSW man charged over alleged fraud totalling almost $450,000

A man has been charged as part of an ongoing investigation into alleged banking fraud, NSW Police say.

Strike Force Cottenham is a joint investigation by the State Crime Command’s Fraud & Cybercrime Squad and the Australian Federal Police (AFP).

The strike force was formed in December 2014 to investigate large-scale fraud offences committed against financial institutions involving internet bank accounts.

Following extensive inquiries, a 19-year-old man was arrested at a home in Dundas Valley yesterday today.

He was taken to Parramatta Police Station and charged with two counts of knowingly dealing with proceeds of crime, knowingly directing activities of a criminal group, and using a false document.

Police will allege he submitted a fraudulent form to gain unauthorised access to bank accounts and withdrew a total of almost $450,000.

He has been granted bail and is due to appear at Burwood Local Court on Wednesday 20 July 2016.

Inquiries by Strike Force Cottenham detectives continue and further arrests are expected to be made.

To date, 41 people have been charged by the strike force, with more than 436 offences.

Investigators are also warning the public, especially students and foreign nationals, who may be approached to take part in these offences that they face significant penalties, criminal convictions, and terms of imprisonment.

Police are urging anyone with information in relation to this incident to call Crime Stopers.